Senior Americans who are planning to downsize need to be aware of sticker shock. Do not assume that your retirement plans will include moving to a smaller house. Retirees looking to lower their housing costs could be surprised by the tight housing stock and fierce competition for smaller homes. Michele Clark, a certified financial planner, said that downsizing in both square footage and cost… does not necessarily occur. Clark Hourly Financial Planning and Investment Management is based in Chesterfield, Missouri.

Clark stated that clients are often surprised to find out this information.

According to Zillow, the median home sale price in America has reached $238,000. This is largely due to increased demand and limited inventory. The value of homes has increased 8.7 percent in the last year, and is expected to increase another 6.5 percent in the next year.